Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oswego Clay Pipe Company sold $46,600 of pipe to Southeast Water District #45 on April 12 of the current year with terms 4/15, n/60. Oswego

Oswego Clay Pipe Company sold $46,600 of pipe to Southeast Water District #45 on April 12 of the current year with terms 4/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?

Multiple Choice

Cash 46,600
Accounts receivable 44,736
Sales discounts forfeited 1,864
Cash 48,464
Accounts receivable 46,600
Sales discounts forfeited 1,864
Cash 46,600
Accounts receivable 44,736
Discounts receivable 1,864
Cash 46,600
Accounts receivable 46,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

check for unique id in data frame in python

Answered: 1 week ago